KeyBank Provides $17.7M Loan for Affordable Seniors Housing Property in Cleveland

by Christina Cannon

CLEVELAND — KeyBank has provided a $17.7 million loan for Hough Heritage, a 60-unit affordable housing seniors facility in Cleveland. The financing consists of an $8 million construction loan and a $9.7 million Low-Income Housing Tax Credit (LIHTC) investment from Key Community Development Corp. The three-story, garden-style community will target seniors 55 and older with incomes that are 50 to 60 percent of the area’s median household income. Hough Heritage will include 50 one-bedroom and 10 two-bedroom units. Kyle Kolesar and Ryan Olman of KeyBank arranged the financing.

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